Acquisition of Broxburn Energy Storage

RNS Number : 8303N
Renewables Infrastructure Grp (The)
14 August 2017
 

 

14 A

The Renewables Infrastructure Group Limited

Acquisition of Broxburn Energy Storage

The Board of TRIG is pleased to announce that the Company has completed the acquisition of a 100% interest in Broxburn, a battery energy storage project which is currently under construction in West Lothian, Scotland ("Broxburn" or the "Project"). 

Broxburn, a 20MW battery, was developed and is being constructed by RES, TRIG's Operations Manager. Construction is scheduled to be completed in early 2018. The Project is expected to have an operational life of 15 years. Broxburn has no debt financing and benefits from a bespoke bilateral contract with National Grid Electricity Transmission plc to provide dynamic, two-way grid balancing services. For the initial four years of operations under the contract, revenues are substantially based on pre-determined, RPI-indexed availability payments.

TRIG's total investment of £20

TRIG's portfolio now consists of 56 projects and will have an aggregate net output capacity of 774MW once Broxburn is constructed.

Helen Mahy CBE, Chairman of TRIG, said:

"The use of battery storage is becoming increasingly important in enabling grid networks to match fluctuations in the supply and demand of electricity and to stabilise power frequency. This becomes especially vital as the installed base of renewables generation increases. We are excited to be playing a part in this by investing in Broxburn, one of the first large-scale commercial power storage projects to be developed in the UK."


Enquiries

InfraRed Capital Partners Limited                              +44 (0) 20 7484 1800
Richard Crawford
Matt Dimond

Tulchan Communications                                           +44 (0) 20 7353 4200
Martin Pengelley
Latika Shah

 

 

Notes

The Company

The Renewables Infrastructure Group ("TRIG" or the "Company") is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.40 pence per Ordinary Share for the year to 31 December 2017.

 

TRIG is invested in a portfolio of 56 renewables projects (including onshore wind, solar PV and power storage projects) in the UK, France and the Republic of Ireland, with aggregate net output capacity of 774MW following completion of construction of the 20MW Broxburn project. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.

 

Further details can be found on TRIG's website at www.trig-ltd.com.


Investment Manager

TRIG's Investment Manager is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 120 professionals it manages in excess of USD 9 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of 60 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website at www.ircp.com.


Operations Manager

TRIG's Operations Manager is RES (Renewable Energy Systems Limited), the world's largest independent renewable energy company.

RES has been at the forefront of wind energy development for 35 years, with the expertise to develop, engineer, construct, finance, and operate projects around the globe. RES has developed or constructed more than 250 wind, solar, energy storage and transmission projects totalling more than 12GW in capacity. Headquartered in Hertfordshire, UK, RES operates in 10 countries and has over 1,900 employees engaged in renewables globally.

Further details can be found on RES' website at www.res-group.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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